Economy of Glasgow

of 22% in a single year. 55% of the residents in the Greater Glasgow area commute to the city every day. Once dominant export orientated manufacturing industries such as shipbuilding and other heavy engineering have been gradually replaced in importance by more diversified forms of economic activity, although major manufacturing firms continue to be headquartered in the city, such as Aggreko, Weir Group, Clyde Blowers, Howden, Linn Products, Firebrand Games, William Grant & Sons, Whyte and Mackay, The Edrington Group, British Polar Engines and Albion Motors.

Glasgow was once one of the most significant cities in the UK for manufacturing, which generated a great deal of the city's wealth; the most prominent industry being shipbuilding based on the River Clyde. Although Glasgow owed much of its economic growth to the shipbuilding industry, which still continues today in the form of BAE Systems Maritime - Naval Ships' two shipyards, the city has its roots in the tobacco trade and is noted to have "risen from its medieval slumber" from trade in tobacco, pioneered by figures such as John Glassford. The city was also noted for its locomotive construction industry — led by firms such as the North British Locomotive Company — which grew during the 19th century before entering a decline in the 1960s.

Whilst manufacturing has declined, Glasgow's economy has seen significant relative growth of tertiary sector industries such as financial and business services, communications, biosciences, creative industries, healthcare, higher education, retail and tourism. Glasgow is now the second most popular foreign tourist destination in Scotland (fourth in the UK) and its largest retail centre.

Between 1998 and 2001, the city's financial services sector grew at a rate of 30%, making